Originally posted by Aceyducey:
Look up Dale Gatherum-Goss. He’s an excellent investment accountant. Tomy Commisso is good, but can be a bit too aggressive for some peoples’ taste

Acey, can you explain too aggressive? I was thinking of switching to see Tony, but am unsure what you are suggesting?

Cheers
Mel

redwing, tell your friend’s son to look for a version of Kazaa Lite K++ – it’s the same program, but without all the annoying popups, and annoying stuff that gets into your system.

Also definitely tell him to download adaware from http://www.lavasoft.de – in fact I recommend everybody does this – it’s amazing what sort of things you can see are hiding…[Read more]

Originally posted by Michael R:
$5 acre for prime land overlooking Crested Butte [ski resort] in Colorado.

The land is owned by the US Government who are in the process of selling a number of acres to a mining company.

The mining company found a legal statute which allows them to acquire the land for what it was valued at in the mid 1800’s.

–…[Read more]

Scott, hubby is a Scotsman – she met him over there, and brought him back [], so it was his first ever Aust tax return…

Cheers
Mel

You could always approach one of the Strata Managers and have a chat to them.

I don’t know how you go about appointing them without the consent of some of the other owners. I know friends of mine were going to do it – they owned 3 of 4 units, and had no bc, but were about to change this as the 4th owner was being a pain in the butt about…[Read more]

Pisces, that may be your assumption, but it has not been mine.

And where was it that ‘I’ or even Kiyosaki said

‘Slug us with another tax, it doesn’t matter as I am smart enough to take it into my stride’ is a recipe for disaster.

Cheers
Mel

Sally

If your rental income exceeds all expenses (inc. interest, rates, land tax etc.) then you have a CF+ property. It’s not just based on the 11 sec rule, as there are other expenses which may vary.

You would not have a COCR calculation as you have put no cash in!

Cheers
Mel

when it comes to being comfortable with debt and finances, I’m at a 10, that is with my latest purchase I’m at a 74% LVR (I thought it would have been higher as it’s 105% borrow on $800K purchase!), and I have huuuuuge debt levels. I only wish the banks would lend me more money – but now I have to get creative…

When it comes to other things…[Read more]

Rob,

My friendly bank manager told me that the bank can in fact take the property or extra security if prices crash. Think commercial, and apply to residential.

However, they are far more reluctant to do this to residential homeowners, as it gives banks a bad (worse?) name, and they don’t want that sort of publicity. Possible, definitely -…[Read more]

$800 for land?????? wow[biggrin]

Cheers
Mel

Hey Glenn

I say I agree with you….

I always consider either my tax return, or my deposit saving (by borrowing the lot) as ‘spare’ money that I can use to comfortably ‘offset’ the negative cashflow I may have in those initial years, exactly as you have explained it.

Personally, I’ve not ever put down a deposit, however my ex did when we got in…[Read more]

Bear, for venue details, have a look at http://www.powwowevents.com.au

For hotel deals – check out http://www.wotif.com (.au?) and http://www.lastminute.com (.au?) or http://www.quickbeds.com.au

Hope you find somewhere, and that Lyn is getting better[biggrin]

Cheers
Mel

Jeff, I get your point.

However, my point was that for anybody who had studied with, say Tony Robbins, would completely recognise that Jamie McIntyre had ‘adapted’ his strategies and rebadged them. Jamie says himself he’s only ‘been around’ for about 5 years if that. He also acknowledges Tony for one thing (that Tony himself definitely…[Read more]

I thought the rules had changed so that you had to live in the house for a continuous period of 6 months, beginning within the first 12 months?

Cheers
Mel

Ace, Lease Options are quite legal in SA. It’s the instalment contract that is not.

With a LO, you have not sold the house, just sold an option to purchase, with some other details thrown in….

Cheers
Mel

Negative cashflow – yes now thanks to the boom. Beforehand very possible to get positive cashflow. I had 3 until I started buying OTP monsters that had massive CG but not so the rents…

Cheers
Mel

I think julia http://www.bantacs.com.au deals with os investors and this sort of stuff on her website.

A quick point on returning to OZ – a receptionist of my doctor returned with her spouse in January (couple of years ago) after working os for 4 years or so.

She encouraged hubby to get a job, and when it came to doing his income tax return, they…[Read more]

Seb, I note you mentioned ‘associate’ rather than family member.

In this instance I would seriously consider a unit trust rather than a discretionary. If anything does happen (like a falling out etc.) then it’s very clear who owns what, and a lot easier for either of you to withdraw ie. sell your units, than it would be having a discretionary…[Read more]

SW, the land tax is on the value of the land – as defined by the government valuers!

Rob, I thought it was 2.25% stamp duty on sale?

Cheers
Mel

Originally posted by The Mortgage Adviser:
Regarding the purchase price, if it is below the market value of the property (as in the example), mortgage insurance will be based on the valuation price but most lenders will only borrow based on the purchase price. They like to see what they call ‘hurt money’ being put in by buyers.

Rob

Rob, I bought…[Read more]